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Aviva Q1 Life New Business Sales Up 28% - Quick Facts

Aviva plc (AV.L,AV) reported that its Life new business sales for the first-quarter rose 28% to 12.3 billion pounds from last year, and value of new business grew 18% to 311 million pounds.

General insurance net written premium for the quarter grew 3% to 2.4 billion pounds from the previous year. Excluding COVID-19 impacts, Canada achieved strong underwriting results while the UK was affected by February storms, the company said in a statement.

The company expects COVID-19 related claims in its general insurance businesses to be 160 million pounds net of reinsurance.

The company said that sales volumes for the year overall are likely to remain below expectations.

The company said it remains committed to achieving its 2022 targets, however, COVID-19 is expected to provide additional challenges to achieving the targets.

The company reported that UK Life new business sales for the first-quarter were up 162% to 2.9 billion pounds from the prior year. This was principally driven by a strong start to the year in bulk purchase annuities, where Aviva wrote 1.7 billion pounds in the first quarter.

In UK Savings and Retirement, net fund flows were 2.3 billion pounds, an increase of 0.7 billion pounds over the prior year. This benefited from sustained growth in sales across both workplace savings and retail savings.

Europe Life new business sales declined 14% to 3.3 billion pounds from the previous year.

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